Justice Ahmad Zaidi Ibrahim ordered WCT Berhad’s former deputy managing director, Goh Chin Liong, 63, and Ara Holdings Sdn Bhd director Leong Ah Chai, 62, to each pay the SC a sum of RM2,542,184.70.

In a statement, SC said the amount is equivalent to three times the losses avoided by Ara Holdings through Leong as a result of the insider trading activity.

The duo were found to have breached the law after Goh communicated material non-public information to Leong, which led to Leong disposing 1,640,000 WCT shares in Ara Holdings’ trading account between Jan 2 and Jan 5, 2009.

The information was in relation to the cancellation of a contract for the proposed construction of the Nad Al Sheba Dubai racecourse in Dubai.

The project was initially awarded to a joint-venture company set up by WCT and One Arabtec Construction LLC.

The court also ordered the duo to each pay a civil penalty of RM300,000 and awarded costs of RM75,000 each to the SC.

The suit was filed in 2015.